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Blockchain has the potential to save the music industry billions by revolutionizing the rights and royalties process, ensuring artists, writers, publishers and others in the music industry value chain are paid fittingly (PWC, 2022). A smart contract is a sort of program stored on a blockchain that runs when predetermined terms are met. It is typically used to automate the execution of an agreement so that all parties can be directly certain of the outcome, without any involvement of a third party. They can also automate a workflow, triggering the next action when conditions are met, which makes doing business faster and more efficient (IBM, 2022).

One of the elements of the music industry that smart contracts can impact is the trading in venue tickets. Nowadays, when a consumer buys a ticket for a concert or musical through the official channels the stakeholders(artists, venue & promoters) will receive their earnings. Unfortunately for them, if the consumer decides to resell their ticket for a much higher price they will not get additional compensation. Smart contracts can be the solution for this problem. A smart contract can identify the contractual parties, along with any third parties that may have rights to a transaction involving services or intellectual property (Shelkovnikov, 2016). Furthermore, music fans will also benefit from smart contracts since the chances of buying fake concert tickets are significantly lower as a result of immutability of blockchain technology (Morkunas, Paschen and Boon, 2019). Another way of how smart contracts can strengthen the position of musicians is that they can take the place of current contracts with music distributions platform services like Spotify, Tidal, and Apple Music. Artists can set their own terms in smart contracts which are more transparent, because of the use of blockchain technology (Arcos, 2018).

References

Arcos, L.C. (2018). The blockchain technology on the music industry. Brazilian Journal of Operations & Production Management, 15(3), pp.439–443.

IBM. (2022). What are smart contracts on blockchain? | IBM. Ibm.com. Retrieved 17 October 2022, from https://www.ibm.com/topics/smart-contracts.

Morkunas, V., Paschen, J. and Boon, E., 2019. How blockchain technologies impact your business model. Business Horizons, 62(3), pp.295-306

PWC. (2022). Blockchain: Recording the music industry. PWC. Retrieved 17 October 2022, from https://www.pwc.co.uk/industries/technology-media-and-telecommunications/insights/blockchain-recording-music-industry.html.

Shelkovnikov, A. (2016). Blockchain applications in the media industry. Deloitte UK. Retrieved 17 October, 2022 from: https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/Innovation/deloitte-              uk-blockchain-app-in-media.pdf

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The movie Moneyball was my first introduction of how advanced statistical analysis can be used in sports. The film tells a story about how the coach of Oakland, a low-budget baseball team, uses data analytics to compete with teams who can afford to spend a lot on recruiting players. He used in-game statistics to identify undervalued players, who performed well on specific metrics but can be recruited for a relatively low price (IMDb, 2011).

Before decision-making in sports was traditionally based on intuition and conservationists frowned upon the use of data analytics in its early stages, Nowadays the use of data analytics software is in an advanced state and used both on and off the field. The use of analytics has been spread to other sports apart from baseball and is used by teams to create a competitive advantage.

In the season of 2015-2016 something very special happened in the Premier League, Leicester City a relatively small team became the champions of the most competitive football league in the world. The season before the club finished 14^th and just narrowly survived relegation.  An article of Opta Pro, a leading British sports analytics company, revealed that the use of data analytics was the base of the success of Leicester City. It showed that the club was a great example of how progressive, and forward-thinking in the implementation of data analytics. It was the result of their cross-departmental relationships, a willingness to embrace new styles of working and constant evaluation process (Wise, 2017).

Data analytics can also be used as a tool for driving customer engagement. Sports organizations can detect patterns in digital engagement, such as online sports viewing, to understand what and when fans are watching via app logins and online video views (Ricky, 2019).

References

IMDb. (2011). Moneyball (2011) – IMDb. IMDb. Retrieved 17 October 2022, from https://www.imdb.com/title/tt1210166/plotsummary.

Ricky, A. (2019). Council Post: How Data Analysis In Sports Is Changing The Game. Forbes. Retrieved 18 October 2022, from https://www.forbes.com/sites/forbestechcouncil/2019/01/31/how-data-analysis-in-sports-is-changing-the-game/?sh=4d3732c63f7b.

Wise, S. (2017). The Rise of Data Analytics in Sport. data8. Retrieved 17 October 2022, from https://blog.data-8.co.uk/2017/05/17/the-rise-of-data-analytics-in-sport/#more-2558.